Wednesday, November 04, 2009

THE PAIN IN SPAIN falls everywhere:
Spain’s unemployment figures are truly shocking. Almost one in every five workers is out of a job. Only Latvia faces a worse problem. The Spanish employment minister, struggling to put on a brave face, points out the rate of increase is slowing, but that is cold comfort to the millions on the dole. Spain faces a long, hard battle to get back the jobs it has lost.

At 19.3 percent in September, the jobless figure is more than double the EU average of 9.2 percent.

[...] The European Commission sees no improvement in employment for the next two years, while some economists forecast further deterioration. The government is preparing another stimulus package, this disease will be around for years to come.
Plus this:
The new jobless numbers come as the European Commission projected Tuesday that the Spanish economy won’t return to growth until 2011 and the government’s budget deficit will likely reach double digits this year and next.
Meanwhile, in a mental journey to Mars:
Prime Minister Jose Luis Rodriguez Zapatero has said that Spain’s economy would begin emerging from recession “at the end of this year or the beginning of 2010″, though he acknowledged that unemployment - now nearly 18 percent - would remain high for some time.
He doesn't even realize you can't really have one without the other.